3101 Washington St #73

Bellevue, NE 68005

$100,000B-

3 bd · 2.0 ba · 1,680 sqft · Built 1996 · Manufactured · Pending · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,391/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$84
• HOA: −$0
• Vac / Maint / Mgmt: −$292
• Net cashflow: $491/mo
• Annual: $5,886/yr
• Cap rate: 12.18%
• Cash-on-cash: 21.02%
• DSCR: 1.94
• 1% rule: 1.39%
• Cash to close: $28,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $100k.
• At list price, monthly cash flow is $491 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• It's been on market 27 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 88/100 on livability (#1 in NE, #206 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, cost of living A+; Watch: commute D+.
• Bellevue Public Schools (suburban): math 47% / reading 49% proficiency, ranked #67 of 111 in NE (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Betz Elementary School (math 32% / reading 27%, grade F, #427 of 502 statewide, top 87%, 285 students, 72% FRL); Bellevue Mission Middle School (math 38% / reading 41%, grade F, #86 of 128 statewide, top 73%, 391 students, 51% FRL); Bellevue East Sr High School (math 36% / reading 41%, grade F, #199 of 261 statewide, top 77%, 1,423 students, 46% FRL) — zoned schools average 56% FRL vs 25% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 36% at this address vs 48% district-wide (-12 pts) — the specific schools serving this property underperform the Bellevue Public Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+5.3%/yr); 84 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,612 units permitted in Sarpy County in 2024 (364 in 5+ unit buildings).
• Sarpy County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $75k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 5.3% rent growth), your $28k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 12.2% vs local median 3.3% in Bellevue — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.